Thursday's Market Update
July 11th 2008 06:03
The DJIA closed on the upside 81 points, but familiar names continue to fall. Fannie Mae (FNM)again a big loser dropping $2.11 or 13.78% (See Chart) and Freddie Mac dropped $2.26 or 22.03% (See chart).
Shares of Fannie Mae(FNM) and Freddie Mac(FRE) plummeted anew on Thursday, after a former Federal Reserve official labeled them "insolvent" and top government officials increased their fretting about the government-sponsored mortgage giants.
Renewed fears about Lehman (LEH) sent the shares tumbling $2.44 or 12.76% (See Chart)
Shares of Lehman Brothers(LEH) sank to their lowest levels in more than eight years Thursday, after a rumor that bond giant Pimco was curtailing trading with the firm.
Take a look at the ETF for Silver, SLV. That chart IMO, is a perfect setup for a move up to $21 (See Chart). The ETF for Gold looiks similar, however GLD has, IMO, broken out with a move to $1,000 imminent (See Chart).
I wrote about treasuries last week. It still looks like yields could collapse! The 2-year, 10-year and 30-year are all back below the 200 dma.
Oil has pulled back $10 per barrel and this may be a good entry point to get long.
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